Harper Government extending review on Chinese takeover of Nexen

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Harper Government extending review on Chinese takeover of Nexen

The review of CNOOC's $1.5 billion takeover of Calgary's Nexen Inc. should conclude tomorrow, but the government says they need more time.

The Feds originally projected a 45 day period for review, but are now calling for 30 more days to mull things over; but the new date could be extended further before the deal is finalized.

Minister of Industry Christian Paradis says extensions such as this are not unusual, adding the proposed transaction is undergoing a rigorous review under the Investment Canada Act.
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